LeTV capital chain problems
The news of LeTV's capital chain problems has gone away. LeTV's share price has been falling for many days, and the important reason for the tight capital chain is LeTV.
Afterwards, Jia Yueting and LeTV adopted a series of remedial measures. First, Jia Yueting sent an internal letter to reflect, acknowledging that “LeTV expansion and burning money is too fastâ€, and on the 9th, an investor exchange meeting was held to appease investors. On the 13th, Jia Yueting was positioned on the WeChat in Hong Kong, and said that "the grain and grass first, the second phase of the ecological strategy set sail, Mark." The industry believes that the so-called grain and grass first may refer to financing. On the 15th, LeTV announced that it has received a $600 million investment from more than ten students of Jia Yueting's Cheung Kong Graduate School of Business. Jia Yueting also listed a long list of thanks on Weibo. “I moved ING, thanked Zhou Jianping, Chairman of Haishu Group, Ke Xiping, Chairman of Hengxing Group, Liu Shaoxi, Chairman of Yihua Group, Huang Minli, Chairman of Minhua Holdings, Yuyue Group Chairman Wu Guangming, Chairman of the Green Leaf Group Liu Dianbo, Chairman of the Morningside Group Lu Wenzhao."
However, yesterday, Minhua Holdings and Luye Pharmaceutical clarified that it did not sign any investment arrangements with LeTV. The chairman of Minhua Holdings said that it only invested in LeTV in its personal capacity. For this matter, LeTV also issued a note. According to the statement, Jia Yueting and more than 10 students from Cheung Kong Graduate School of Business signed a total investment agreement of 600 million US dollars. Among them, Huang Minli, chairman of Minhua Holdings, and Liu Dianbo, chairman of Luye Group, are personal investors, and non-listed companies participate in the investment. The total investment in LeTV is 600 million US dollars, which will be divided into two phases. The first phase of 300 million US dollars will be received within this month, and the funds will be invested in LeEco Automotive Ecology and LeEcoGlobal.
Questioned in the US factory
To make matters worse, LeTV's US electric car manufacturer Faraday also has a problem with the capital chain.
Yesterday, some media reported that Nevada’s finance minister Schwartz said that Nevada and Leothy Group’s brother Faraday Future agreed that if Faraday builds a factory in the state and invests about $1 billion, the state will pass Tax and infrastructure investment support. However, the factory has not started construction since the “foundationâ€.
Schwartz said the factory will take at least three years from start to production. If LeTV or Faraday can't develop successfully and mass production, the factory must be extended indefinitely. In business, it is not uncommon for projects to be shelved due to lack of funds.
Pond's scam
Earlier, Schwartz was interviewed by LeTV and Bernie Madoff, the most famous Ponzi scheme operator in the United States.
The Ponzi scheme refers to the influx of new investors, and maintains an unprofitable business scam, while paying the original investor dividend. Once it is unable to attract new capital inflows, the scam bubble will burst and cause huge losses to many investors.
In response, Faraday China issued a statement saying that its factory has never stopped working, and has successfully completed the first phase of construction, and entered the second phase in February next year.
Last night, a senior LeTV person who asked not to be named said in an interview with the media that LeTV is making every effort to transfer the money it has to the future Faraday project in the United States. However, LeTV’s level did not comment on Schwartz’s query yesterday.
LeTV auto partner Faraday factory temporarily suspended
Faraday Future/FF's Faraday Future/FF plant in Nevada is temporarily suspended, FF spokesperson Ezekiel Wheeler said the suspension is due to strategic adjustments, that is, funding and energy will focus on the concept of CES to be unveiled in January next year. car.
Yesterday evening, LeTV issued a statement saying that due to problems in external communication, some misunderstandings about the FF Nevada factory project were caused.
Schwarzer's explanation of LeTV
Dan Schwartz, US Treasury Secretary of the State of Nevada, explained his views on LeTV, Jia Yueting and Faraday Future when he was interviewed by the media.
Schwarzer said that LeTV announced too many expansion projects. He questioned that LeTV had no money to promote these projects. Faraday's factory in Nevada had been in arrears for three months, causing the construction party to be forced to stop work, but LeTV did not. I mentioned the funding problem to him. Schwarzer believes that Jia Yueting's huge ecological dream cannot be realized, LeTV's profitability is too bad, and it is impossible to use Lexington to look at LeTV.
On the evening of November 17, a senior LeTV executive who asked not to be named gave an exclusive response to the First Financial reporter: LeTV is currently working hard to transfer the money it has to the future Faraday project.
On the afternoon of November 15, Jia Yueting’s more than ten entrepreneurs and students at the Cheung Kong Graduate School of Business “send charcoal in the snowâ€, including Haishu Group, Hengxing Group, Yihua Group, Minhua Holdings, Yuyue Group, and Luye Group. The business leaders formally signed the first $300 million investment agreement with LeEco Holdings, which is mainly used for the LeTV project.
According to public information, in December 2015, LeTV's partner Faraday announced that it will build its North American plant in North Las Vegas, Nevada, with a total investment of US$1 billion. At that time, the US state of Nevada approved a tax and capital concession plan totaling $335 million for a future investment preference bill for Faraday.
It is reported that different officials of the Nevada state government have been controversial for the LeTV Faraday project.
Is it really difficult to support LeTV? In the face of this past capital is not optimistic, and now the capital is afraid to vote, can LeTV still break out like before?
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